THE IMPACT of the coronavirus pandemic on people and businesses is starting to become clear.
That is the view of R3, the trade body for restructuring and insolvency professionals in the South and Thames Valley.
Insolvency statistics for September show that there has been a month-on-month rise in personal and corporate insolvencies.
“The situation remains worrying for both businesses and consumers,” said Garry Lee, chair of R3’s Southern and Thames Valley region.
“These results show that the toll the Covid-19 pandemic is taking may be starting to be felt in the official insolvency numbers, although the Government’s support measures have reduced the size and scale of the initial impact.”
Despite the increase, however, insolvency figures remain lower than this time last year.
“It’s likely that directors and owners of businesses in Berkshire, that would have remained profitable had Covid not happened, will start seeing signs that their businesses are struggling, possibly for the first time ever,” Mr Lee added.
R3 is urging business owners to take advantage of its free consultation service, whether that be about their personal or corporate finances.
For more information, visit: www.r3.org.uk
